The Bow Trust (Durham) Limited Charity Accounts

COMPANY REGISTRATION NUMBER: 1716823

CHARITY REGISTRATION NUMBER: 513865

The Bow Trust (Durham) Limited

Unaudited Financial Statements

For the Year Ending

31 December 2024

The Bow Trust (Durham) Limited

Financial Statements

Year Ended 31 December 2024

	Page

Trustees' Annual Report (Incorporating the Director's Report)	1

Independent Examiner's Report to the Trustees	4

Statement of Financial Activities (Including Income and Expenditure Account)	5

Statement of Financial Position	6

Notes to the Financial Statements	7

The Bow Trust (Durham) Limited

Trustees' Annual Report (Incorporating the Director's Report)

Year Ended 31 December 2024

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 December 2024 .

Objectives and Activities

The objects of the charity are to renovate and maintain the disused church of St Mary-le-Bow, Durham to be used as a museum and centre to promote and further interest in the local history of the City and County of Durham and also educate the public in the arts and science of music and drama.

Activities

In accordance with its objects, the principal activity of the company in the year under review was the renovation and maintenance of the Church of Saint Mary-le-Bow, Durham and operating a centre for exhibitions and information concerning the story of the City and County.

Achievements and Performance

Trustees have implemented the recommendations of the Quinquennial Inspection report produced in 2023 by Chris Cotton, conservation architect. During 2024, remedial works were completed on the belfry tower roof, under the direction of Chris Cotton with the advice of structural engineers. The stair out shut roof has been completely renovated. The roof parapet also received repairs. All of this work was undertaken by Gary Payne, mason. Doing so has involved drawing on the Trust's financial reserves.

As a consequence of the substantial costs of these repairs, and the need for further repairs to the chancel roof and belfry tower in future years, Trustees decided to close the museum and surrender the lease to the diocese of Durham. The surrender of the lease will take effect on 31 December 2025.

Anna Bridgeman was employed as Museum Officer, and her fixed term contract ceased at the end of March 2024. Anna provided an excellent service to the Bow Trust with her work on the documentation and collections care for Durham Museum, including the creation of a computer inventory of the collections. Anna co-ordinated a professional volunteering program for the museum, which was the basis for a successful grant application to Arts Council England/Association of Independent Museums "Connected Communities" grant scheme, to extend the volunteering programme in 2024 for a "Community Stories Volunteering Programme" with a grant award of £16,000. Unfortunately, because of the decision to close the museum, it was not possible to take up this grant.

All statutory requirements, including preparation of the Annual Accounts and annual submissions to Companies House and the Charity Commission, were undertaken.

Public Benefit

As can be seen from the above, the charity carries out a wide range of activities in pursuance of its charitable aims. The Trustees consider that such activities provide benefit to those in the local community.

Financial Review

The results for the year and financial position of the charity are shown in the annexed financial statements. The Statement of Financial Activities shows an excess of expenditure over income during the year of £73,075.

Reserves Policy

Given the decision to surrender the lease to the Diocese of Durham on 31st December 2025 the trustees have reduced their level of reserves to £23,046 at 31st December 2024.

Risk Management Policy

The risks have recently been considered and will be further with regards to the chief dependence on voluntary administration, in the absence of funds for permanent paid staff.

Structure, Governance and Management

Governing Document

The Bow Trust (Durham) Limited is a company limited by guarantee, incorporated on 20 April 1983, and registered as a charity on 6th June 1983. The Company is established under a Memorandum of Association which established its objects and powers and is governed by its Articles of Association.

Organisation

A Management Committee with its own chairman and members approved by the Board of Trustees includes the Trust's officers ex officio (Chairman, Secretary, Treasurer and Curator) and must have a majority of Trustees, as its members. It submits an annual budget for approval by the Board and any large commitment beyond, besides decisions of policy affecting the purposes of the Trust and its lease of the building and churchyard. The officers are in more frequent communication and agreement about what needs to be referred to the Committee or the Board.

Reference and Administrative Details

Registered charity name	The Bow Trust (Durham) Limited

Charity registration number	513865

Company registration number	1716823

Principal office and registered	St Mary-le-Bow
office	North Bailey
	Durham
	DH1 3ET

The Trustees

	Dr J W Brown
	Mrs D Cummings
	Mr K T Cummings
	The Revd Canon M J Everitt
	Cllr D R Freeman
	Dr A G Green
	Dr A Millard
	Mr D H Jones	(Resigned 30 April 2024)
	Mrs J M Jones	(Resigned 30 April 2024)

Company Secretary	Mr K T Cummings

Independent Examiner	Jane Ascroft FCA MA (Cantab)
	Enterprise House
	Harmire Enterprise Park
	Barnard Castle
	County Durham
	DL12 8XP

Small Company Provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The trustees' annual report was approved on 30 September 2025 and signed on behalf of the board of trustees by:

Mr K T Cummings

Charity Secretary

The Bow Trust (Durham) Limited

Independent Examiner's Report to the Trustees of The Bow Trust (Durham) Limited

Year Ended 31 December 2024

I report to the trustees on my examination of the financial statements of The Bow Trust (Durham) Limited ('the charity') for the year ended 31 December 2024.

Responsibilities and Basis of Report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent Examiner's Statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2. the financial statements do not accord with those records; or

3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or

4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Jane Ascroft FCA MA (Cantab) Independent Examiner

Enterprise House Harmire Enterprise Park Barnard Castle County Durham DL12 8XP

30 September 2025

The Bow Trust (Durham) Limited

Statement of Financial Activities

(including income and expenditure account)

Year Ended 31 December 2024

	2024			2023
	Unrestricted funds	Restricted funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	5	1,634	–	1,634	18,609
Charitable activities	6	–	–	–	20,259
Investment income	7	829	–	829	–
Other income	8	1,619	–	1,619	–
		-------	----	-------	--------
Total income		4,082	–	4,082	38,868
		-------	----	-------	--------

Expenditure

Expenditure on charitable activities	9,10	71,076	7,934	79,010	47,912
		--------	-------	--------	--------
Total expenditure		71,076	7,934	79,010	47,912
		--------	-------	--------	--------

	--------	-------	--------	--------
Net expenditure	( 66,994)	( 7,934)	( 74,928)	( 9,044)
	--------	-------	--------	--------

Other recognised gains and losses

Investment gain	1,853	–	1,853	–
	--------	-------	--------	--------
Net movement in funds	( 65,141)	( 7,934)	( 73,075)	( 9,044)

Reconciliation of funds

Total funds brought forward	88,187	7,934	96,121	105,165
	--------	-------	--------	---------
Total funds carried forward	23,046	–	23,046	96,121
	--------	-------	--------	---------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The Bow Trust (Durham) Limited

Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed Assets

Tangible fixed assets	15	1,715	1,906

Current Assets

Stocks	16	–	1,250
Debtors	17	305	269
Investments	18	–	33,427
Cash at bank and in hand		21,566	60,613
		--------	--------
		21,871	95,559

Creditors: amounts falling due within one year	19	540	1,344
		--------	--------
Net Current Assets		21,331	94,215
		--------	--------
Total Assets Less Current Liabilities		23,046	96,121
		--------	--------
Net Assets		23,046	96,121
		--------	--------

Funds of the Charity

Restricted funds		–	7,934
Unrestricted funds		23,046	88,187
		--------	--------
Total charity funds	20	23,046	96,121
		--------	--------

For the year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

These financial statements were approved by the board of trustees and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Dr J W Brown
Trustee

The Bow Trust (Durham) Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1. General Information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is St Mary-le-Bow, North Bailey, Durham, DH1 3ET.

2. Statement of Compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

There are no material uncertainties about the charity’s ability to continue.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The trustees consider that there are no significant estimates or judgements affecting these financial statements.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Income

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Expenditure

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	10% reducing balance

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial Instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Accrued income and tax recoverable is included at the best estimate of the amounts receivable at the balance sheet date.

Cash at Bank and in Hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Taxation

The company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

4. Limited by Guarantee

The company is limited by guarantee. At 31st December 2024 there were 7 members each of whom had undertaken to contribute an amount not exceeding £1 in the event of a winding up.

5. Donations and Legacies

Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
£	£	£	£

Donations

Donations and subscriptions	634	634	413	413
Group	–	–	18,196	18,196

Legacies

Legacies	1,000	1,000	–	–
	-------	-------	--------	--------
	1,634	1,634	18,609	18,609
	-------	-------	--------	--------

6. Charitable Activities

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Museum income	–	–	20,259	20,259
	----	----	--------	--------

7. Investment Income

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Bank interest receivable	829	829	–	–
	----	----	----	----

8. Other Income

	Unrestricted Funds	Total Funds 2024	Unrestricted Funds	Total Funds 2023
	£	£	£	£
Solar PV income	1,619	1,619	–	–
	-------	-------	----	----

9. Expenditure on Charitable Activities by Fund Type

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Costs of charitable activities	70,536	7,934	78,470
Support costs	540	–	540
	--------	-------	--------
	71,076	7,934	79,010
	--------	-------	--------

	Unrestricted Funds	Restricted Funds	Total Funds 2023
	£	£	£
Costs of charitable activities	47,396	–	47,396
Support costs	516	–	516
	--------	----	--------
	47,912	–	47,912
	--------	----	--------

10. Expenditure on Charitable Activities by Activity Type

	Activities undertaken directly	Support costs	Total funds 2024	Total fund 2023
	£	£	£	£
Costs of charitable activities	78,470	–	78,470	47,396
Governance costs	–	540	540	516
	--------	----	--------	--------
	78,470	540	79,010	47,912
	--------	----	--------	--------

11. Net Expenditure

Net expenditure is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible fixed assets	191	212
	----	----

12. Independent Examination Fees

	2024	2023
	£	£

Fees payable to the independent examiner for:

Independent examination of the financial statements	540	300
	----	----

13. Staff Costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2024	2023
	£	£
Wages and salaries	6,827	19,796
	-------	--------

The average head count of employees during the year was 1 (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

14. Trustee Remuneration and Expenses

Trustees received neither remuneration nor expenses in the current or previous year.

15. Tangible Fixed Assets

	Equipment
	£
Cost
At 1 January 2024 and 31 December 2024	10,538
	--------
Depreciation
At 1 January 2024	8,632
Charge for the year	191
	--------
At 31 December 2024	8,823
	--------
Carrying amount
At 31 December 2024	1,715
	--------
At 31 December 2023	1,906
	--------

16. Stocks

	2024	2023
	£	£
Stock	–	1,250
	----	-------

17. Debtors

	2024	2023
	£	£
Prepayments and accrued income	305	269
	----	----

18. Investments

	2024	2023
	£	£
Other investments	–	33,427
	----	--------

19. Creditors: amounts falling due within one year

	2024	2023
	£	£
Accruals and deferred income	540	1,344
	----	-------

20. Analysis of Charitable Funds

Unrestricted funds

	At 1 January 2024	Income	Expenditure	Gains and losses	At 31 December 2024
	£	£	£	£	£
General funds	88,187	4,082	(71,076)	1,853	23,046
	--------	-------	--------	-------	--------

	At 1 January 2023	Income	Expenditure	Gains and losses	At 31 December 2023
	£	£	£	£	£
General funds	97,231	38,868	(47,912)	–	88,187
	--------	--------	--------	----	--------

Restricted funds

	At 1 January 2024	Income	Expenditure	Gains and losses	At 31 December 2024
	£	£	£	£	£
North of England Museums, Libraries & Archives Council grant	7,912	–	(7,912)	–	–
Endowment Fund	22	–	(22)	–	–
	-------	----	-------	----	----
	7,934	–	(7,934)	–	–
	-------	----	-------	----	----

	At 1 January 2023	Income	Expenditure	Gains and losses	At 31 December 2023
	£	£	£	£	£
North of England Museums, Libraries & Archives Council grant	7,912	–	–	–	7,912
Endowment Fund	22	–	–	–	22
	-------	----	----	----	-------
	7,934	–	–	–	7,934
	-------	----	----	----	-------

The reason for each fund is as follows:

Endowment Fund - This is for the maintenance of the church.

North of England Museums, Libraries & Archives Council Grant - This is for improving access to the museum.

21. Analysis of Net Assets Between Funds

	Unrestricted Funds	Restricted Funds	Total Funds 2024
	£	£	£
Tangible fixed assets	1,715	–	1,715
Current assets	21,871	–	21,871
Creditors less than 1 year	(540)	–	(540)
	--------	----	--------
Net assets	23,046	–	23,046
	--------	----	--------

	Unrestricted Funds	Restricted Funds	Total Funds 2023
	£	£	£
Tangible fixed assets	1,906	–	1,906
Current assets	87,625	7,934	95,559
Creditors less than 1 year	(1,344)	–	(1,344)
	--------	-------	--------
Net assets	88,187	7,934	96,121
	--------	-------	--------